Determine the distribution of the liquidation proceeds

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Reference no: EM131334763

Go-for-Broke Company is being liquidated of the bankruptcy code. When it filed for bankruptcy, its balance sheet was as follows:

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a. Determine the distribution (dollar amount and percentage) of the liquidation proceeds among the various creditors of Go-for-Broke.

b. Assume that the debentures ($2.45 million) are subordinated to bank notes payable. Determine the distribution (dollar amount and percentage) of the liquidation proceeds among the various creditors of Go-for-Broke.

Reference no: EM131334763

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